Answer:
A - elastic since many other fast food items could be considered close substitutes.
Explanation:
The price elasticity of demand is how much the demand of the Big Macs will change due to a 1% change in price. Should the elasticity be greater than 1, the Big Macs will be elastic. Should it be less than 1, the Big Macs are inelastic.
Demand elasticity is calculated as the percentage change in quantity demanded divided by a percentage change in price.
Since Big Macs are (i) a luxury good, and (ii) have close substitutes (other burgers available at McDonalds and other fast food stores), we will say their elasticity is greater than 1.
This means that the demand of Big Macs will change due to a 1% increase in price due to the presence of close substitutes.
We need to learn about median and mode because they are both important in statistical data and statistical data is what shows us important information about the world around us.
A hypothesis proposes a mechanism of change that can be tested. If the results indicate the hypothesized mechanism is not the one in operation it narrows the field and we know more. A falsified hypothesis tested by a well designed experiment still provides real evidence about the world.
<span>It was once thought that maggots spontaneously arose from carrion. This was tested and falsified providing evidence this was not how new generations of flies appeared. This still left the question of how flies generated new life to be explored. One falsified hypothesis does not block further research into the question.
</span><span>Even a failed hypothesis can increase scientific knowledge if done correctly. By knowing this hypothesis is not how something works, you save time for future scientists and can now use your effort in other investigations. That is the real value of hypothesis that are not supported by evidence.</span>
